Jeera struggles

The jeera market is expected to move sideways this week. Though last week jeera futures had struggled to remain above the Rs 13,000 a quintal level and later gave up and slipped, commodity experts said that despite having bullish fundamentals, the coming days might not see any major movement. The near-month futures are seen at a range of Rs 12,500-13,000 a quintal.

With position limits on jeera allowing a client and a member to have a trade of 40 tonnes and 120 tonnes, respectively, sources ruled out much volatility in the futures market. On the NCDEX, jeera closed last week at Rs 12,761 a quintal, down 1.8 per cent from the previous close of Rs 12,991 a quintal.

On the export front, there is a likelihood of exports reaching 7 lakh bags (each of 55 kg) this year against last year's 5 lakh bags. As the jeera crop from Syria and Turkey are hit due to adverse weather, pressure on the domestic jeera market may build up.